Fraud is a growing problem in the insurance industry, costing billions of dollars each year. The rise of technology, including new capabilities like generative AI, has increased the threat of fraud. To help combat this problem, CCC Intelligent Solutions and Verisk have partnered to prevent auto insurance fraud. The partnership brings together the market-leading technologies of both companies.
CCC and Verisk partner to prevent auto insurance fraud
The partnership between CCC and Verisk aims to tackle auto insurance fraud by integrating Verisk’s claims fraud detection solution with CCC’s claims platform. The integration will allow insurance companies to identify potential fraud in real time. This will help property and casualty (P&C) insurers fight fraud more effectively and reduce costs for honest policyholders.
Leveling Up Market-Leading Technologies
Both CCC and Verisk are recognized market leaders in their respective fields. CCC is a leading provider of innovative software solutions for the automobile industry, while Verisk is a data analytics company specializing in insurance. By pooling their technologies, the two companies are striving to create a more holistic solution for preventing auto insurance fraud.
Integration of Verisk’s Claims Fraud Detection with CCC’s Claims Platform
The planned integration of Verisk’s claims fraud detection solution with CCC’s claims platform will help P&C insurers fight auto insurance fraud. The integration will make it possible for insurers to identify potential fraud quickly and accurately, which will assist in detecting and preventing fraudulent claims from being paid out and thereby reducing the cost of insurance fraud.
The Cost of Insurance Fraud in America
Insurance fraud is a significant problem in America, costing over $308 billion per year. Insurance companies pay out billions of dollars in fraudulent claims, resulting in higher premiums for honest policyholders. The impact of fraud on premiums can be substantial, with the average family paying between $400 and $700 more each year in premiums due to fraudulent claims.
The Impact of Fraud on Premiums
Fraud has a significant impact on insurance premiums because insurance companies pass on the cost of fraud to honest policyholders. When insurers pay out fraudulent claims, they lose money, which they then need to recoup through higher premiums. This means that all policyholders end up paying more for insurance, even though they have not made a fraudulent claim.
The increasing threat of fraud with technology advancements
The threat of fraud is expected to increase with the adoption of technology and the emergence of new capabilities like generative AI. Criminals are always finding new ways to defraud insurance companies, and they are increasingly using technology to do so. As a result, it is becoming more important than ever for insurance companies to be able to quickly and accurately detect and defend against fraudulent claims.
The Priority of Mitigating Fraud for Insurers
Mitigating fraud is a priority for insurers, as it helps them reduce costs and provide better value for policyholders. By partnering with Verisk, CCC is demonstrating its commitment to providing its customers with the best possible solutions for mitigating fraud. The integration of Verisk’s claims fraud detection solution with CCC’s claims platform will help insurers reduce the costs of fraud and provide better value to their customers.
The Necessity of Quickly and Accurately Detecting and Defending Against Fraudulent Claims
Shane Riedman, the general manager of anti-fraud solutions at Verisk, said that it has become necessary for insurers to detect and defend against fraudulent claims quickly and accurately. He added that Verisk’s collaboration with CCC would help insurers fight fraud more effectively. The partnership would make it possible for insurers to detect and prevent fraudulent claims from being paid out, thereby reducing the cost of insurance fraud.
Build upon an existing integration between the two companies
The partnership between CCC and Verisk builds upon an existing integration between the two companies. Currently, the integration allows auto insurers to access insights from Verisk’s Liability Navigator to help assess damages in bodily injury claims. This integration has been successful, and the new partnership will build upon it to provide even more comprehensive solutions for mitigating fraud.
Insurance fraud is a growing problem, costing policyholders billions of dollars each year. CCC Intelligent Solutions and Verisk have partnered to combat this issue by preventing auto insurance fraud. Both companies will leverage their market-leading technologies to provide optimal solutions for mitigating fraud. The integration of Verisk’s claims fraud detection solution with CCC’s claims platform will help insurers quickly and accurately identify potential fraud, reducing the cost of fraud and providing better value to policyholders.